《大行報告》瑞銀降特步(01368.HK)目標價至8.64元 反映消費更弱趨勢和更高折扣
瑞銀發表報告指,特步國際(01368.HK)召開投資者電話會議,講述了近日公布的增持索康尼及邁樂品牌業務交易,預期交易將於明年1月1日或之前完成,管理層亦提到考慮到業務具有較強增長前景,認為估值具有吸引力。
同時交易後授權費開支將減少,公司亦估計對利潤率有利,計劃將Saucony的Originals系列引入中國市場,並推出更多針對上班族的產品。
瑞銀指,特步管理層又透露第四季折扣水平為約七折,預測至年底庫存水平將低於 20億元人民幣。相應地該行將特步2023至2025年盈利預測下調3%至4%,以反映消費趨勢疲軟,以及折扣增加的影響,該行下調對特步目標價由9.4元降至8.64元,評級為「買入」。
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